The veteran outfielder, who was released by the Yankees Jan. 15, is guaranteed $21 million in the final year of a seven-year, $126 million extension he signed with the Blue Jays in Dec. 2006. He would forfeit that money if he retired, but he wouldn't need to make that announcement if he declines to join another team. He became a free agent only because the Yankees did not want him and no other team claimed him on waivers. Therefore, he is entitled to the money.

If Wells chooses to continue his career, then his new team would be obligated to pay him only a pro-rated portion of the minimum salary, with his previous two teams -- Yankees and Angels -- responsible for the rest.

The Marlins are interested in outfielder Vernon Wells, according to MLB.com.

Wells was designated for assignment by the Yankees earlier in the offseason, and is still looking for work. Miami is looking for a right-handed outfielder since they dealt Justin Ruggiano to the Cubs. The 35-year-old Wells hit .233 last year.

The Phillies are among a few teams that have expressed interest in signing outfielder Vernon Wells, who was recently released by the Yankees, according to The Boston Globe. The 35-year-old Wells could contemplate retiring and collect $21 million he is still owed on his contract or could decide to continue his MLB career.

One American League special assistant said, "It’s a no-brainer if you need a right-handed bat. He still hits lefties well [.269 last season], can play the outfield, not like he used to, but he’s basically a minimum-salary guy for any team since the Angels are still paying most of the freight."

Yankees outfielder Vernon Wells has been designated for assignment, according to ESPN.

Wells tweeted that he was glad to be part of such a "storied franchise" a few minutes before the move was announced, prompting speculation that he had been let go. He will be removed from the team's 40-man roster.